acf domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/ecg/ecgassociationdev/wp-includes/functions.php on line 6121The Load Star — 2023-06-22
Maritime and Ports
Pure car and truck carrier newbuilding orders total an estimated $14bn since 2020, the highest since the global financial crisis in 2008, according to Clarksons’ latest report, issued yesterday.
The Covid-19 period saw many PCTCs scrapped and few built, as working from home depressed vehicle demand – in 2020, just four PCTCs were commissioned.
But now rising Chinese car exports, up 58% year on year in Q1 23, to 1.07m, are powering the recovery in PCTC demand. China is now the world’s third-largest vehicle exporter, behind Japan and Europe. Particularly, there are more shipments to Europe and the Americas, and global tonne-mile trade grew 12% 2023.
The PCTC shortage has caused daily charter rates to soar to a record high of $110,000, and shipowners and carmakers, particularly those in China, are rushing to build vessels.
Last year, 90 PCTCs, totalling 560,000 car-equivalent units (ceu) were ordered, nearly tripling the 38 commissioned in 2021. So far in 2023, 33 have been commissioned, according to S&P Global.
On June 19, 2023, Dubai-based Sallaum Lines announced it had ordered four 7,400-car unit PCTCs at China Merchants Jinling Shipyard, at $90m each with options for two more. Delivery will start in March 2026.
The Sallaum group also carries new cars for vehicle manufacturers and, in January 2022, won a contract to ship for BMW and Ford from Durban, South Africa, to Europe. The group started operations with second-hand PCTCs and ordered its first newbuildings in November 2022 for two 7,500 ceu ships from Fujian Mawei Shipbuilding for delivery in 2025.